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Las Vegas Law Firm > Articles (Page 3)

Domestic Asset Protection Trust

After September 11, 2001, the United States enacted regulations that required all holdings and offshore trusts for U.S. citizens or resident aliens to be reported to the Internal Revenue Service (IRS). Part of the reason off-shore trusts are used as part of an asset protection strategy is to keep assets protected from litigation in the United States court system....

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Gift Tax Exclusions

The Internal Revenue Service (IRS) has defined a gift as “Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return.” For the purposes of income and inheritance taxes, courts have defined gifts as “proceeds from a detached and disinterested generosity.”...

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